Apply For BOI Rapid Empowerment Program

GOVT RELIEF M.SHITU May 19, 2024 0 Comments

Apply For BOI Rapid Empowerment Program

The Bank of Industry (BOI) has introduced the Rural Area Programme on Investment for Development (RAPID), a new initiative aimed at driving sustainable development, job creation, and economic empowerment in rural communities across Nigeria.

RAPID offers financial support, business advisory services, and training programs specifically tailored to rural entrepreneurs, focusing on micro, small, and medium enterprises (MSMEs).

What is the RAPID program?

RAPID stands for the Rural Area Programme on Investment for Development. It’s an initiative by BOI designed to foster economic growth in rural Nigeria through financial support, business advisory services, and training for MSMEs.

Who Can Apply?

Duly registered enterprises and cooperative societies operating in rural or economically disadvantaged areas of Nigeria are eligible to apply for the RAPID Program.

Supported Business Types

RAPID supports value-adding activities, excluding trading and farming. This includes ventures in manufacturing, agribusiness, processing, and other sectors that contribute to economic diversification and job creation in rural areas.

Financial Support Offered

Beneficiaries of the RAPID Program can access loans of up to N10 million. This financial support enables them to acquire plants, machinery, and raw materials necessary for their day-to-day operations.

Eligibility Criteria

To apply, applicants must submit a completed application form, a business plan, acceptable means of identification (BVN and NIN), proof of residential address, completed guarantor forms, and meet other terms and conditions as specified.